| (a) This chapter applies to:
(1) labor organizations;
(2) corporations that are organized under the Texas
Business Corporation Act, the Texas For-Profit Corporation Law, the
Texas Non-Profit Corporation Act, the Texas Non-Profit Corporation
Law, federal law, or the laws of another state or nation; and
(3) the following associations, whether incorporated
or not, which for purposes of this chapter are considered to be corporations
covered by this chapter:
(A) banks;
(B) trust companies;
(C) savings and loan associations or companies;
(D) insurance companies;
(E) reciprocal or interinsurance exchanges;
(F) railroad companies;
(G) cemetery companies;
(H) government-regulated cooperatives;
(I) stock companies; and
(J) abstract and title insurance companies.
(b) For purposes of this chapter, members of a corporation
that does not have stockholders and members of an association listed
in subsection (a)(3) of this section are considered to be stockholders.
(c) This chapter does not apply to a political committee
that incorporates for liability purposes only in accordance with subsection
(d) of this section, provided that the sole principal purpose of the
committee is accepting political contributions and making political
expenditures.
(d) A political committee may incorporate to limit
its liability by providing in its official incorporation documents
that it is a political committee that is incorporating for liability
purposes only, and that its only principal purpose is to accept political
contributions and make political expenditures.
|
| Source Note: The provisions of this §24.1 adopted to be effective December 31, 1993, 18 TexReg 9745; amended to be effective February 25, 2007, 32 TexReg 614; amended to be effective May 15, 2012, 37 TexReg 3577 |
